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Title:Drivers of private equity investment in CEE and Western European countries PDF Logo
Authors:Bernoth, Kerstin
Colavecchio, Roberta
Sass, Magdolna
Issue Date:2010
Series/Report no.:Discussion papers // German Institute for Economic Research 1002
Abstract:A strong private equity market is a cornerstone for commercialization and innovation in modern economies. However, substantial differences exist in the relative amounts raised and invested in private equity across European countries. We investigate the macro-determinants of private equity investment in Europe, focusing on the comparison between CEE and Western European countries. Our estimations are based on a data set running from 2001 to 2008 and covers 14 Western European and three CEE countries. Applying robust estimation techniques we identify a 'robust' set of determinants of private equity activity in both regions. We find similarities as well as differences in the driving forces of private equity investments in Western European and CEE countries. Our results suggest that commercial bank lending, equity market capitalization, unit labour costs and corporate tax rates are significant determinants of private equity activity.
Subjects:Private equity
extreme bounds analysis
Central and Eastern European countries
JEL:C23
C52
E22
G24
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des DIW
DIW-Diskussionspapiere

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